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You are replying to this message: | | Posted by JanetK_CA on 7/30/15 1:48pm
I think I'm experiencing a bit of déjà vu... This reminds me of some of the claims (or disinformation) we were seeing when the SPW announced itself - not only from them, but from 'XYZ', ANSA and others. (Can't remember for sure if Notary2Pro was one of them, but I'm inclined to think so.)
Yes, compliance will be mandatory for LENDERS! As I understand it, it's up to them to define what that means for it's subcontractors, so for the most part there are no official, legally sanctioned standards, outside of those states that are requiring TPL or other licensing. The CFPB has not created any compliance standards for US and is unlikely to do so. What they HAVE done, is issue numerous bulletins to *lenders* requiring them to prove that *they* are complying with all federal law relative to financial institutions. Lenders will need to create or adopt their own compliance standards, and they may not all be the same. [If anyone knows of anything I've got wrong here, PLEASE set the record straight.]
That doesn't mean that the guidelines that the SPW has put together won't be adopted by title companies and lenders. I'm sure the SPW's members (especially XYZ) are heavily lobbying for that to happen. But at this stage, I think it's important that we are able to wade through the misstatements, manipulation (or just ignorance) used in emails like the one referenced here.
I suspect this is just the beginning of "offers" by various organizations that will try to capitalize on this developing situation, just like with background checks. I think it will take the same kind of discernment to wade through all the hoopla...
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